Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.4015%/8h= −439.7% APRpaid last 24h −0.205%

Price spread now: Kalshi against Bluefin+0.109%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bluefin Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Kalshi is 0.109% dearer against Bluefin than usual: you sell high and buy low (spread +0.109% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$120 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin GOLD-PERP	4,306.6	0.4125	pay 0.0516% / 1h	33m 53s	$25K	$1K	20x
Short	Kalshi KXGOLDPERP	4,311.3	0.0110	get 0.0330% / 24h	5h 33m	$3.7M	$46.5M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bluefin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BluefinbpFee KalshibpOrdersPrice spread, now +0.109%Rate

Funding earned: −$843.22
Price spread: +0.109% → 0.000%: $10.87
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$849.36
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bluefin: no order-book sample; Kalshi: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bluefin no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 5 min ago	0.23 bp	6.3 bp −$6	6.8 bp −$68	9.4 bp −$945	doesn't fit

Bluefin: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XAU on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff GOLD-PERP	−0.0032%	1h	4,305.5	−0.026%	$32K	—	25x	as long as short
SunX XAU-USDT	0.0000%	4h	4,311.7	+0.118%	$92K	$6.8M	20x	as long as short
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,303.6	−0.071%	$278K	—	250x	as long as short
GRVT XAU_USDT_Perp	+0.0012%	4h	4,308	+0.033%	$1.4M	$3.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+1.017%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,306.8	+0.004%	$3.8M	$4.5M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,338.7	+0.745%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,306	−0.014%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,302.9	−0.086%	$290.9M	$54.0M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,304.2	−0.056%	$4.3M	$1.8M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,302.7	−0.090%	$15.0M	$55.8M	25x	as long as short
Aster XAUUSD1	+0.0052%	4h	4,307.9	+0.030%	$73.4M	$272.0M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,305.8	−0.019%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0061%	8h	4,306.6	−0.001%	$2K	$13K	5x	as long as short
Extended XAU-USD	+0.0072%	1h	4,303.5	−0.073%	$13.1M	$36.2M	25x	as long as short
Lighter XAU	+0.0080%	1h	4,307.1	+0.010%	$20.3M	$28.9M	25x	as long as short
Variational Omni XAU	+0.0089%	4h	4,305.9	−0.017%	$46.6M	$29.2M	—	as long as short
Phoenix GOLD	+0.0095%	1h	4,306.1	−0.012%	$42K	$86K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,303.3	−0.076%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,305.2	−0.034%	$275K	$218K	50x	as long as short
MEXC XAU_USDT	+0.0102%	4h	4,307.3	+0.016%	$353.3M	$337.9M	1000x	as long as short
Lighter RH XAU	+0.0104%	1h	4,309.8	+0.073%	$19.8M	$39.9M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,306.4	−0.005%	$159K	$87	10x	as long as short
Binance XAUUSDT	+0.0104%	4h	4,306.9	+0.007%	$434.1M	$2.23B	100x	as long as short
Kalshi KXGOLDPERPshort	+0.0110%	24h	4,311.3	+0.109%	$3.7M	$46.5M	15x
edgeX XAUUSDC	+0.0111%	4h	4,306.8	+0.003%	$30.0M	$61.5M	50x	as long as short
Bybit XAUUSDT	+0.0119%	4h	4,307.1	+0.011%	$77.4M	$157.7M	150x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,306.7	+0.003%	$4.4M	$13.1M	25x	as long as short
Gate XAU_USDT	+0.0160%	4h	4,309.6	+0.069%	$296.6M	$427.4M	100x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,305.7	−0.022%	$70.6M	$125.3M	100x	as long as short
Bullet GOLD-USD	+0.0196%	1h	4,307.5	+0.020%	$58K	$81K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0238%	1h	4,307.7	+0.025%	$134K	$846K	25x	as long as short
OKX XAU-USDT-SWAP	+0.0249%	8h	4,306.6	0.000%	$171.4M	$330.3M	100x	as long as short
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,305.5	−0.026%	$573K	$138K	25x	as long as short
BloFin XAU-USDT	+0.0369%	4h	4,307.1	+0.011%	$16.2M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0467% / S −0.0314%	1h	4,307.9	+0.030%	$255K	—	111x	as long as short
Phemex XAUUSDT	+0.0486%	4h	4,311.9	+0.122%	$2.2M	$956K	100x	as long as short
HTX XAU-USDT	+0.1145%	4h	4,316	+0.217%	$3.2M	$6.2M	75x	as long as short
Bluefin GOLD-PERPlong	+0.4125%	1h	4,306.6	long leg	$25K	$1K	20x